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Can I get an FHA loan with limited Employment History?

I am wanting to purchase a house for $77,000. I have been on my job for 8 months and make a 4 times over what the mortgage payments would be each month plus monthly commission. I have not been working a salaried job for several years before my current job. My fiance owns her own business, which I spent most of my time doing marketing and various other jobs for, and has been our main source of income for the past few years. But my fiance is currently resolving a back-tax issue with the irs, which is why I want to be the one to purchase the house.With my limited W-2 work history and "fair" credit score, is it possible for me to get approved? by loliya_425_623 from Saint Paul, Minnesota. Nov 14th 2012 Reply


Patrick McCarthy (PatrickM)
#23 ranked lender in Ohio - 196 contributions

Hi. If you can show a history of 2 years consecutive employment or employment schooling combination, you should be fine. If you were doing the marketing for her and not claiming any income on tax returns, then you must be employed at least 1 year. A 'fair' credit score isn't enough info to determine whether you qulaify now or not either. If your middle score is at least 620, then you should be OK. If not, you have 4 months to get it there since you have been employed for 8 months. May you have good fortune.

Nov 14th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

You need 2 years employment history if not at the same job then in the same line or field of work.

Nov 14th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

Go see Joe. It sounds like you have what you need, but need to figure out how to address the breaks in service (unemployed gaps). ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Nov 14th 2012
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Frank Kelly (rory47)
#79 ranked lender in New York - 2 contributions

Sorry but you must have been employed for the previous 2 years.

Nov 14th 2012
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,727 contributions

CMy office is right here in St Paul. Call me at 651-552-3681 to go over your options...

Nov 14th 2012
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Raymond Denton (Raymond)
#11 ranked lender in Ohio - 224 contributions

Depends on the size of your down payment. You won't qualify for traditional mortgages, but will qualify for a hard money mortgage with a 50% down payment. After you've been employed 2 years you'll be able to refinance into a Conforming, FHA, USDA or VA mortgage.

Nov 14th 2012
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So it may be possible if I wait 4 months for my job history to reach one year as long as my credit score is at least a 620?

Nov 14th 2012
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Patrick McCarthy (PatrickM)
#23 ranked lender in Ohio - 196 contributions

Yes. Do you have any documentable work history prior to the past few years working with your finace'? 614-310-7520

Nov 14th 2012
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Only from while I was working in college

Nov 14th 2012
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Patrick McCarthy (PatrickM)
#23 ranked lender in Ohio - 196 contributions

Also, the rest of the credit needs to comply with FHA and underwriter guidelines.

Nov 14th 2012
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

Go see Joe and have him break down your options.

Nov 14th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,238 contributions

You need a 2 year work history in the same field.

Nov 14th 2012
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,727 contributions

YES! Mortgage lenders will require a two-year look back of employment. If you have been out of work for more than 6 months, you must be at the current job at least 6 months. Assuming you are full time 40-hours at the new job, you should be fine with a good letter of explanation as to what you've been doing for the past few years. 651-552-3681 www.MortgagesUnlimited.biz

Nov 14th 2012
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